Bookofodds - Before you Bet, Know the Odds

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Dedicated gambling FAQs, expert-reviewed casino guides, gambling strategies, and sports betting tips.

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We believe gambling is an art of decision-making + luck.

Before you place that bet anticipating a life-changing amount,

You need to weigh the odds, create your strategies, and yes, leave some things to luck.

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The online casino universe is expanding exponentially. There are several online casinos to choose from. Which online casino is the best, you ask? Well, there isn’t a grade A+ casino, nor is there a fit-for-all. Every online casino has its positives and negatives. Keep your worries aside because our casino reviews will help you narrow down your casino choice. 

Our casino reviews are backed by detailed research and involve a step-by-step examination of various casino features. After an in-depth review, we provide our findings. We do not force our conclusions either. Our study provides granular insights about several casino offerings. Thus, you are free to wear the analyzer’s cap and form your opinions based on our reviews. 

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All of our content is curated by industry experts and gambling professionals. We provide gambling strategies, sports betting tips, and well-examined casino reviews. After hours of research, we’ve picked the top casinos which will help make your experience a lot smoother.

ODDS & STRATEGIES IN GAMBLING

Now that you know gambling is all about complementing luck with strategy, let’s have a closer look at this topic. Firstly, to be a skilled gambler you have to enhance your mathematical skills. The gambling risks are evaluated based on mathematical properties such as definite probabilities, expected values, the volatility index, etc.

Before diving into the waters of gambling, you must ask these basic questions –

What is the House Edge?

The house edge is the percentage of casino profit in your original bet. In blackjack, the final bet would be larger than your initial bet if you double or split.

What is the hold percentage?

The hold percentage is the size of casino gains. Do not mix this with the house edge. The house edge indicates the expected return from a particular game, while on the other hand, hold percentages determine the casino’s earnings over a longer period.

What is Standard Deviation?

In gambling mathematics, the standard deviation (volatility index) can be loosely interpreted as the luck factor. The standard deviation of a particular game determines the chances of earning more or less than the expected value. In vague terms, it tells you the impact of a specific game on your bankroll.

How is this applicable in the real world?

Blackjack is the world’s most popular casino game and has the lowest house edge. To beat the dealer, you must not bust (go over 21) first. Moreover, you can try to outscore the dealer or have the dealer bust. If you use a perfect basic strategy, the house edge for a typical blackjack is around 0.50. Meaning, for every $100 bet, the casino would win $0.50. Nevertheless, for an unskilled gambler, the house edge may rise to 2.50 as opposed to 0.50.

Apart from these factors, you must also assess the element of risk, length of play, size of the bet, etc. These mathematical properties tell you whether or not a bet satisfies your risk-appetite.

However, if you are playing in a land-based casino, you must not entirely depend on mathematical nuances. Gambling demands a certain level of mastery in social psychology. You must be able to read your fellow players based on bodily cues, as this may give you a hint of their next move.

To sum up, you can better achieve the objective of a casino game if your strategies are based upon the rules, odds, and mathematical nuances.

SPORTS BETTING

Sports betting has transitioned into a massive business since its legalization in 2018. It involves predicting sports results and placing bets on the outcome. These bets are placed on several sporting events; the popular categories are – American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing. Moreover, sports betting platforms also feature animal sprinting games like horse racing and greyhound racing.  

Let’s understand how to read the betting board and brace ourselves with betting lingo.

The Sportsbook board

Here’s a basic skeleton of a sportsbook board –

Essential details like day, date, year, game, and week
Betting numbers of teams

(Makes the identification easier) 

Team Names The point spread and total Money Lines

Now, consider this board as an example  –

Wednesday   October 12   2020

NFL Week 4

411

412

Team A

Team B

-10

 41

-600

+400

After looking at these boards, you will understand the basics of the sportsbook. Now, let’s dive deep into the sportsbook lingo.

Sports Betting Glossary

  1. Point Spread
    A point spread is a way to balance two uneven teams in a betting ecosystem by either giving or taking away points. Some points from the favorite team will be subtracted from their final score, and hence, will be indicated by a minus sign. Similarly, the underdog would enjoy point gains.In our NFL sportsbook example, the point spread is -10, meaning team B was given a 10 point handicap as the betters mostly favored team A. If you bet on team A and the team wins by more than 10 points, you earn a profit on your wager. On the other hand, a bet on team B wins if team B outscores team A or team A wins by less than 10 points. Moreover, if team A wins by exactly ten points, the bets on both sides get pushed and refunded.
  2. Total Bets
    Total bets are based on the total number of points scored in a particular game. In our example, the total number of points is 41. In this case, a total bet is whether the total number of points will exceed 41 or not.
  3. Money Lines
    Money Lines bets are simply about deciding a winner. In our example, the -600 on team A means if team A wins, you earn $100 for every $600 wagered. This is because team A is the most favored. If team B wins, you make $400 on every $100 wagered. It is simply 4X your wager. (Here, the wagering amount is used as an example, and it may differ depending on the sports betting rules.)
  4. Parlays
    A Parlay bet is placed on one or more events, and for your wager to win, all the events must win or tie.
  5. Teasers
    Teaser bets are also placed on one or more events, except you may only bet against the point spread and total. The winnings in teaser bets are significantly reduced as you get free points on every pick.